Knowing The Basics of On line Credit Report

2007-06-20 15:49:53

( Financial )



Under the Fair Credit Reporting Act, you are entitled to receive a free copy of your annual credit report. This is an important document especially if you are planning to apply for mortgage or get a credit card.

You need to know that credit reports contain vital information that help lenders make a decision on whether or not to grant you a loan, credit card, or any type of credit. They look at your credit score to determine the applicable interest rate on your loan. With the advent of the Internet, you can now obtain a free on line credit report.

The Availability of Online Credit Reports

Thanks to the Internet, you can find several companies offering free credit report online. You can benefit from browsing these firms because aside from your credit score, there is other vital information that provides tips and reminders on how to better understand your on line credit report.

Most credit reporting firms provide their services without any cost to you. This can work to your advantage especially if there is something erroneous with the data on your credit report. Under the Fair Credit Reporting Act, you can hire credit repair firms to correct any misrepresented data on your 3 credit report. While there are many credit reporting agencies, there are three firms that stand out when it comes to credit reporting so you would normally receive a merged credit report.

The Need for Credit Report Scrutiny

By obtaining your free 3 in 1 credit report, it would be easy to spot any flaw on the information indicated. You cannot discount the fact that your on line credit report can be prone to errors so you have the job to make sure that your three bureau credit report is updated and accurate.

In addition, the need for thorough scrutiny of your credit report is vital with the prevalence of identity theft. Consequently, you may be surprised with the spate of data inaccuracies in your credit report. As soon as you notice these errors, you can immediately report it to the creditor or the Federal Trade Commission.

Online credit reports can give you the convenience in checking the data on your credit report. You can immediately find out if there are discrepancies on your credit report and have it repaired at your request.


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